Ethena’s ENA token is on fire today as it bounced back with one of its strongest weeks in months, and climbed more than 12% in just a day to trade near $0.7351. The rally has also pushed weekly gains above 12%, while its market cap is now sitting at more than $5.2 billion.
The sharp surge is caused by a buybank plan from its treasury arm, StablecoinX, which has already carried out $150 million of a $260 million plan since July 21. That alone removed nearly 3.5% of ENA’s supply from circulation.
A much larger $570 million program has already cut 13% of the overall supply, which has been building pressure on the market as scarcity begins to boost the price.
The trading volume spiked up fast too, with a 140% jump in one day pushing the number to $1.46 billion during earlier trading hours. But at the time of writing this report, trading activity is down to 56.59%, with $1.3 billion in trading volume, according to CoinMarketCap.
Meanwhile, data from Santiment showed that whales with more that $5 million of $ENA’s stablecoin have boosted their share by 3% in just two weeks.
ENA Gains Momentum After Weeks of Trading Sideways.
On the chart via trading view, ENA experienced a major breakout In June 2025, which gave over 170% surge from $0.305 to $0.852. But after that, the frenzy dropped and prices started pushing down. For weeks, the price has been consolidating, but keep pushed back by a support level at $0.61. However, it finally got good momentum and now it’s trading upside.
Meanwhile, ENA has moved above its 30-day simple moving average of $0.69. This shows strength against earlier resistance.
StablecoinX Secures $530m in Funding
StablecoinX has also secured $530 million in new funding, bringing total PIPE financing to about $895 million. This could give it that control of more than 3 billion ENA tokens once the deal is complete. “This raise alone covers about 14% of ENA’s market cap,” the group said.
At the same time, Ethena’s USDtb stablecoin has become one of the first compliant synthetic dollars under the U.S. GENIUS Act thanks to a partnership with Anchorage Digital. That milestone adds a regulatory win while Ethena continues to step back from the European Union market due to strict MiCA rules.
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